Waves Games APY Through Farming Duck NFTs Adds Marketplace and Farming to Meme-Based DeFi
Waves.tech, an ecosystem of innovative blockchain solutions and products leveraging Waves.protocol, announced that it will expand its native NFT game Waves Ducks to become the first of its kind NFT gaming platform to integrate trading and DeFi yield farming mechanics. The Waves team aims to make DeFi concepts more fun and accessible for all, through this NFT gamification initiative.
While the demand and prices fetched for top NFT art has decreased in recent weeks, innovation and experimentation combining NFTs with DeFi has only increased, with projects like Aave and Teller Finance exploring the utility of loans via collateralized NFTs, while Uniswap is leveraging NFTs to represent the positions of liquidity providers.
“Crypto has a history of ‘gamifying’ aspects of innovation, trading and ecosystem participation,” said Sasha Ivanov, founder of Waves. “But NFTs have created another avenue of excitement for decentralized finance. Through NFTs we can punch up the fun factor within our community, and our friendly duck characters can help usher novice users into concepts like yield farming, staking and general smart contract functions combining them with a decent level of profitability.”
Waves Ducks are unique in that sense, providing NFT collectors and crypto enthusiasts with additional financial utility beyond the strictly aesthetic appeal of more traditional static collectibles like CryptoPunks and CryptoKitties. In April 2021, Waves set a record for the highest sale of an NFT outside of Ethereum with its first Waves Duck called “Perfection”, which sold for 1,000,000 $USDN which lead to the release of the first iteration of Duck Hunters, generating over 5,000 Ducks and a market cap of over $10,000,000 for EGG tokens, in the weeks following the initial launch.
The breakdown of the current game includes the following mechanics and will be upgraded regularly:
- Collecting and hatching $EGG: $EGG tokens can be purchased on Waves exchange or can be won by completing regular assignments on social media or inside Waves-based DeFi products. These tokens can be hatched to create genesis Duck NFTs.
- Duck Breeding: Players can then breed these ducks with each other to generate new ducks, with varying levels of uniqueness or rarity, unlocking yields with 300% to 5,000%, APY inside.
- Duck Markets: Ducks can be sold directly on the newly-developed secondary market securely based on Waves smart contracts.
- Duck Farming: Players can further monetize their collections by staking their duck NFTs. Placing your duck on a perch will generate a passive return paid in $EGG Tokens.
This is not Waves’ first foray into the DeFi space. Waves has continued to develop DeFi projects such as their staple WavesExchange, the Neutrino protocol, an infrastructure for plug-and-play algorithmic finance, as well as Swop.fi, which is an automated market maker (AMM) protocol built on Waves akin to Ethereum-based AMMs like Uniswap and SushiSwap. Unlike the variable fees and block times associated with transacting on blockchains like Ethereum, the Waves protocol boasts instant transactions and low-fixed transaction fees, which makes it perfectly suited for innovations in NFTs and decentralized finance.
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